I have a rental property which I have been filing every year on turbotax. I finally sold the property. Turbotax isn't calculating depreciation for me. How to do it?

[arazi13]

Turbotax created a new section under Your income and expenses, names it Sale of Home. But when I go through this section it is not calculating the depreciation. How can I make turbotax do that?

[HelenC12]

The rental sale is not reported as a sale of home. The sale of your home is for your primary and second homes. 

You have to indicate you sold the rental property in both the Property Profile section and the Assets/Depreciation section of the program. You will be prompted to enter sales information during the interview in the Assets/Depreciation section of TurboTax. 

• Closing costs are considered  expense of sale and this reduces the gain or increases a loss on the sale. TurboTax will ask you about the expense of sale.  Examples are commissions, transfer tax, recording fees, etc.

To enter the sale of your rental, please click here for the steps and screenshots.  Scroll down to HelenC12.